Norman Ross and Waltons in talks
PA SydneyA meeting between directors of Waltons Bond. Ltd, and Norman Ross Discounts, Ltd. broke up without Waltons making its widelytipped bid for the appliance chain, but Norman Ross’ managing director (Mr I. J. Norman) said that discussions would continue. The meeting came after talks on Wednesday between Norman Ross and Grace Bros Holdings. Ltd.: which announced a 500 c a share take-over earlier this week after acquiring about 19.24 per cent of the Norman Ross issued capital. Waltons, which .disclosed a 19.58 per cent stake in Norman Ross on Tuesday, has
said it is reviewing its holding. In Sydney yesterday, Norman Ross shares finished trading 10 cents higher at 560 c — up 170 c on the week — as rumours flew that Waltons would make a counter bid. Brokers said it was generally expected that Waltons would go after Norman Ross initially at about 550 c but the end result would be a bid of around 600 c a share. Mr Norman said discussions with Waltons could continue into next week. Asked if he had asked Waltons to make a take-over offer, he said: "We donl particularly want anyone to take us over." ..
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Press, 5 June 1982, Page 20
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199Norman Ross and Waltons in talks Press, 5 June 1982, Page 20
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